PCAOB Approves Strategic Plan and 2019 Budget
The US Public Company Accounting Oversight Board (PCAOB) has approved its 2018-2022 strategic plan and fiscal year 2019 budget. Subject to approval by the US Securities and Exchange Commission (SEC), the 2019 budget is $273.7 million and provides funding for up to 838 positions.
The approach taken by the PCAOB in developing its 2018-2022 strategic plan differs from its prior approach. The PCAOB has based its strategic plan on five explicitly stated values of integrity, excellence, effectiveness, collaboration and accountability, as well as five core strategic goals the PCAOB has committed to follow to effectively fulfill its mission and provide innovative oversight. The strategic goals expressed in the strategic plan include:
- Driving improvement in the quality of audit services through prevention, detection, deterrence and remediation
- Anticipating and responding to the changing environment, including emerging technologies and concomitant risks and opportunities
- Enhancing transparency and accessibility through shareholder engagement
- Pursuing operational excellence
- Development, empowerment and reward of PCAOB personnel to achieve shared goals.